We appreciate your sacrifices in this economic crisis - Ofori-Atta to Ghanaians

Finance Minister, Ken Ofori-Atta, has lauded Ghanaians for bearing with the government during the downturn of the economy in 2020 through the rollout of the Domestic Debt Exchange Programme (DDEP) this year.

Showing appreciation to the Ghanaian populace, Ken Ofori-Atta indicated that government acknowledges all the sacrifices of Ghanaians in their bid to stabilize the wobbling economy.

Speaking on the floor of parliament while delivering the 2023 mid-year budget review statement said, "Mr. Speaker, I want to, once again, acknowledge the sacrifices that our people have made, especially in the roll-out of the DDEP. Government sincerely appreciates all these sacrifices. We are a resilient people but we must be resolute if we are to get our community across the Jordan."

He elucidated that government, on its part will implement systems to enhance revenue collection through compliance measures to bring public finances back to a sustainable path.

The Minister of Finance added that there would be structural reforms to strengthen expenditure commitment control, avoid arrears accumulation and protect the public purse.

The presentation of the mid-year budget review statement is in accordance with the provisions of the Public Financial Management Act 2016.

The Act mandates the Minister of Finance to present the mid-year review of the budget statement on the Economic Policy of the Government of Ghana for the fiscal year.

Meanwhile, following the nose dive of the economy, the government on July 1, 2022, announced its decision to engage the International Monetary Fund (IMF) for a $3 billion financial bailout programme.

Subsequently, a team from the IMF arrived in the country from July 6 to July 13, 2022, to engage Ghanaian authorities for a possible economic support programme.

A staff-level agreement between the Government of Ghana and the IMF was reached in December 2022.

On May 17, 2023, IMF's executive board approved Ghana's $3 billion loan facility.

The IMF programme, according to the government is aimed at restoring macroeconomic stability and safeguarding debt sustainability among many others.

ESA/OGB